Investment Rating - The report maintains a "Recommendation" rating for the computer industry, indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [18]. Core Insights - The commercial aerospace sector is experiencing rapid development, with significant government support and a projected market size exceeding 2.8 trillion yuan by 2025. This growth is driven by advancements in satellite internet, computing satellites, and the establishment of space data centers [5][6]. - The establishment of the Commercial Aerospace Administration marks a new era for the industry, providing dedicated regulatory oversight and fostering high-quality development [5]. - The report highlights the acceleration of satellite launches, with notable achievements in satellite internet and computing satellite constellations, positioning China as a leader in global space technology [5][6]. Industry Overview - The computer industry comprises 338 listed companies with a total market capitalization of approximately 57.78 billion yuan and a circulating market value of about 52.46 billion yuan [2]. - The absolute performance of the industry over the past 12 months has increased by 18.5%, while its relative performance against the benchmark index has improved by 2.2% [3]. Key Companies and Financial Projections - Notable companies in the sector include China Satellite, Aerospace Electronics, and Unisoc, with varying market capitalizations and earnings projections for 2024 and 2025. For instance, China Satellite has a market cap of 108.74 billion yuan with an estimated EPS of 0.1 for 2024 [6][7]. - The report provides detailed earnings per share (EPS) and price-to-earnings (PE) ratios for several key players, indicating a diverse range of valuations and growth expectations across the industry [6][7].

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 35.6 yuan [1]. Core Insights - The company is set to accelerate its store openings, which will enhance its growth potential. The new store model has been validated, and the company aims to achieve its 2025 store opening targets. The report outlines a three-phase growth strategy: "from 0 to 1," "from 1 to 10," and "from 10 to 100," indicating a clear operational turning point and the beginning of a new growth cycle [6][7]. Financial Summary - Total revenue is projected to grow from 1,671 million yuan in 2024 to 2,540 million yuan in 2027, with a compound annual growth rate (CAGR) of 20.6% in 2027 [2]. - Net profit attributable to the parent company is expected to increase from 277 million yuan in 2024 to 408 million yuan in 2027, reflecting a growth rate of 25.7% in 2027 [2]. - Earnings per share (EPS) are forecasted to rise from 1.15 yuan in 2024 to 1.70 yuan in 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 25 times in 2024 to 17 times in 2027 [2][7]. Store Expansion Strategy - The company has successfully opened new stores in various regions, including Jiangsu, Zhejiang, Shanghai, Guangdong, and Hubei, validating the replicability of its new store model. The upcoming franchisee conferences and the peak opening season after the Spring Festival are expected to catalyze further growth [6][7]. - The report anticipates that the company will reach a mid-term target of 1,500 to 2,000 new stores, with potential for even greater expansion in the long term [6][7]. Market Position and Competitive Advantage - The company is positioned as a leader in the steamed bun industry, with a focus on continuous innovation and operational efficiency. The report emphasizes the attractiveness of the business model to franchisees, which is expected to drive further expansion and enhance brand strength [6][7].

债券研究 【债券深度报告】 经营分化扩大，估值回归理性 ——公募 REITs 跟踪观察报告 （2）扩募方面：下半年共 2 只公募 REITs 扩募经证监会及上交所注册生效， 分别为东久新经济 REIT、京能光伏 REIT。 （3）二级市场：2025 年下半年公募 REITs 二级市场价格有所承压。截至 2025 年 12 月 24 日，中证 REITs 全收益指数累计涨跌幅为-11.48%，较年中出现反 转，中证 REITs 全收益指数 2025 年全年回报率已降为-1.51%，年内涨幅全部 回吐。主要原因系资金流向权益资产压制 REITs 整体表现、经营基本面未见明 显修复、前期 REITs 供不应求导致市场过热，推高二级价格导致估值偏离，现 或逐步向资产估值回归。市场活跃度方面，三季度、四季度 REITs 成交额总量 分别为 389.59、267.31 亿元，月均换手率分别为 16.45%、9.97%，成交额与流 动性整体下降。年底三只 REITs 又将迎来大规模解禁，流通比例从 20%左右 提升到 60%以上，或将带来流动性的提升，但在市场整体下跌趋势中也可能伴 随短期价格的考验。 ❖ 风险提示：数据统 ...

Investment Rating - The report maintains a "Strong Buy" rating for Ding Tai Gao Ke and Zhong Tu Gao Xin, and a "Buy" rating for Da Zu Suo Kong and Ying Nuo Ji Guo [4] Core Insights - The report highlights the strong demand for AI infrastructure driving a new expansion cycle in the PCB industry, with significant investments from global tech giants [15] - The PCB equipment sector is experiencing accelerated upgrades, presenting opportunities for domestic manufacturers due to rising precision and complexity requirements [10][11] - The report emphasizes the importance of core consumables like drilling needles, which are expected to see significant growth in both volume and price due to AI-driven demand [9] Industry Overview - The PCB industry is projected to grow from $73.57 billion in 2024 to $96.4 billion by 2029, with a CAGR of 5.6% [15][22] - The global PCB market is expected to see a revenue increase of 7.6% and a production increase of 7.8% in 2025, driven by AI infrastructure investments [15] - The demand for high-layer and HDI boards is expected to grow significantly, with 18-layer and above boards projected to see a 40.2% increase in market value in 2024 [18][22] Key Companies and Their Forecasts - Ding Tai Gao Ke is expected to achieve an EPS of 0.99 yuan in 2025, with a PE ratio of 141.99, maintaining a "Strong Buy" rating [4] - Zhong Tu Gao Xin is forecasted to have an EPS of 0.51 yuan in 2025, with a PE ratio of 57.05, also rated as "Strong Buy" [4] - Da Zu Suo Kong is projected to have an EPS of 1.77 yuan in 2025, with a PE ratio of 68.67, rated as "Buy" [4] - Ying Nuo Ji Guo is expected to achieve an EPS of 0.30 yuan in 2025, with a PE ratio of 152.09, rated as "Buy" [4] Market Trends - The report identifies a shift towards high-end PCB products driven by AI applications, with increasing requirements for precision and complexity in manufacturing processes [10][11] - The demand for PCB drilling equipment is expected to grow from $1.47 billion in 2024 to $2.40 billion by 2029, with a CAGR of 10.3% [35] - The exposure equipment market is projected to grow from $1.20 billion in 2024 to $1.94 billion by 2029, with a CAGR of 10% [43] Competitive Landscape - Domestic manufacturers are gaining market share in high-end PCB equipment, with companies like Da Zu Suo Kong and Xin Qi Wei Zhuang making significant strides against foreign competitors [11][42] - The report notes that the competitive landscape for drilling needles is favorable for domestic firms, with Ding Tai Gao Ke leading the global market share [9][18]

债券研究 证 券 研 究 报 告 转债价格：转债中枢提升，高价券占比提升。转债整体收盘价加权平均值为 135.01 元，环比昨日上升 0.61%。其中偏股型转债的收盘价为 201.30 元，环比 上升 0.71%；偏债型转债的收盘价为 119.74 元，环比上升 0.37%；平衡型转债 的收盘价为 130.05 元，环比上升 0.17%。从转债收盘价分布情况看，130 元以 上高价券个数占比 60.89%，较昨日环比上升 1.84pct；占比变化最大的区间为 110-120（包含 120），占比 7.61%，较昨日下降 1.05pct；收盘价在 100 元以下 的个券有 0 只。价格中位数为 133.64 元，环比昨日上升 0.48%。 转债估值：估值抬升。百元平价拟合转股溢价率为 32.51%，环比昨日上升 0.14pct；整体加权平价为 99.53 元，环比昨日上升 0.86%。偏股型转债溢价率 为 15.45%，环比下降 0.27pct；偏债型转债溢价率为 84.79%，环比下降 0.38pct； 平衡型转债溢价率为 26.39%，环比下降 0.10pct。 行业表现：今日正股行业普涨，共计 27 个行 ...

证 券 研 究 报 告 南京证券（601990）深度研究报告 推荐（首次） 业务矩阵齐发力，区域国资强赋能 目标价：9.45 元 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 3,147 | 3,315 | 3,629 | 3,894 | | 同比增速(%) | 27% | 5% | 9% | 7% | | 归母净利润(百万) | 1,002 | 1,242 | 1,369 | 1,462 | | 同比增速(%) | 48% | 24% | 10% | 7% | | 每股盈利(元) | 0.27 | 0.34 | 0.37 | 0.40 | | 市盈率(倍) | 29.4 | 23.6 | 21.4 | 20.0 | | 市净率(倍) | 1.64 | 1.57 | 1.51 | 1.46 | 资料来源：公司公告，华创证券预测 注：股价为 2025 年 12 月 24 日收盘价 公司研究 证券Ⅲ 2025 年 12 月 25 日 | ...

宏观研究 证 券 研 究 报 告 【宏观快评】 货币政策重点在于调结构 ——2025 年四季度货币政策委员会例会学习心得 事 项 2025 年 12 月 24 日，中国人民银行发布四季度货币政策委员会例会，我们学习 心得如下。 4、央行删掉了"防范资金空转"的表述，这意味着一旦国内经济有较大下行 压力，央行货币政策的掣肘相对较小，可随时灵活加码。 5、总而言之，四季度例会没有更改我们对于后续贷款增速和 M2 增速回落的 判断，宏观流动性最宽松的时间段可能已经过去，这意味着估值进一步抬升存 在难度，资本市场要更关注基本面。 6、对于权益资产而言，当下供需均衡仍在改善的路径上，且股债比较指标（股 债夏普比率差值）也显示股票更具配置优势。我们战略看多股票的观点不变。 但我们提示股票拔估值的摩擦力会越来越大，要更关注基本面和安全边际。 7、对于债市而言，十年期国债收益率突破前低需要货币政策的超预期的非常 规宽松，四季度货政例会看不到这一信号。后续只要经济循环和资本市场风险 偏好在持续改善，那么 2%以下的十年期国债其上行压力仍存。 风险提示： 货币政策超预期 宏观快评 2025 年 12 月 25 日 核心观点 1、 ...

证 券 研 究 报 告 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 9,162 | 13,738 | 19,503 | 26,327 | | 同比增速(%) | 52.4% | 49.9% | 42.0% | 35.0% | | 归母净利润(百万) | 1,931 | 3,325 | 4,843 | 6,583 | | 同比增速(%) | 52.9% | 72.2% | 45.7% | 35.9% | | 每股盈利(元) | 0.83 | 1.43 | 2.08 | 2.83 | | 市盈率(倍) | 264 | 153 | 105 | 78 | | 市净率(倍) | 25.2 | 22.0 | 18.7 | 15.5 | 资料来源：公司公告，华创证券预测 注：股价为 2025 年 12 公司研究 海光信息（688041）重大事项点评 强推（上调） 发布开放平台战略，构建国产算力统一生态 目标价：336 元 事项： ❖ 2025 年 ...

推荐（维持） 华创证券研究所 证券分析师：岳阳 邮箱：yueyang@hcyjs.com 执业编号：S0360521120002 证 券 研 究 报 告 算力芯片行业深度研究报告 算力革命叠浪起，国产 GPU 奋楫笃行 行业研究 电子 2025 年 12 月 24 日 证券分析师：吴鑫 邮箱：wuxin@hcyjs.com 执业编号：S0360523060001 联系人：卢依雯 邮箱：luyiwen@hcyjs.com 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 493 | 0.06 | | 总市值(亿元) | 137,017.88 | 11.38 | | 流通市值(亿元) | 107,123.63 | 11.07 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | 10.1% | 43.9% | 40.1% | | 相对表现 | 6.3% | 24.1% | 22.6% | -13% 8% 30% 51% 24/12 25/03 25/05 25/07 25/10 25/ ...

Investment Rating - The report maintains a "Recommendation" rating for the food and beverage industry, expecting the industry index to outperform the benchmark index by over 5% in the next 3-6 months [24]. Core Insights - The Ministry of Commerce has announced a countervailing policy against EU dairy imports, which is expected to accelerate domestic product substitution and stabilize raw milk prices. The policy will impose temporary countervailing measures on EU dairy products starting December 23, 2025, with subsidy rates ranging from 21.9% to 42.7% [2][8]. - The policy targets high-fat dairy products, particularly cheese and cream, which have a high dependency on imports. This is expected to significantly increase the cost of EU products, thereby enhancing the price advantage for domestic manufacturers [8]. - The domestic dairy processing industry has historically relied on imports due to high raw milk costs and immature technology. The report estimates that the domestic production of similar products accounted for only 14%-18% in 2023, indicating a substantial market opportunity for local producers [8]. Summary by Sections Industry Overview - The food and beverage industry comprises 126 listed companies with a total market capitalization of 46,266.30 billion and a circulating market value of 45,144.74 billion [5]. Market Performance - The absolute performance of the industry over the past month is -2.1%, with a 6-month performance of 2.7% and a 12-month performance of -4.9%. Relative performance shows a decline of -5.9% over one month, -17.1% over six months, and -22.4% over twelve months [6]. Policy Impact - The countervailing measures are expected to create a market space of approximately 20 billion for cream and 14 billion for cheese, accelerating domestic substitution. The report highlights that the production capacity of deep processing projects is expected to consume over 400 million tons of raw milk, potentially leading to a reversal in the raw milk cycle by the second half of 2026 [8]. Investment Opportunities - The report identifies three main investment opportunities: - Domestic substitutes that will directly benefit from the policy, with a focus on companies like Lihigh and Miaoke, which are positioned to capture high-end market segments [8]. - Dairy farms such as Youran and Modern Dairy, which are expected to benefit from a reversal in raw milk prices [8]. - Leading dairy companies like Yili and Mengniu, which are anticipated to strengthen their competitive edge through accelerated deep processing business and improved operational stability [8].